Catherine Wu has resigned as an unpaid independent adviser to Millennium & Copthorne Hotels Limited (MCHL) with immediate effect, according to an official statement by Kwek Leng Beng, Executive Chairman of City Developments Limited (CDL). Dr Wu, who had served in this role since August 2024, previously held a director position on the MCHL Board from June 2022 to January 2024.
The resignation comes amidst a backdrop of corporate governance disputes within CDL. The CEO of CDL had previously cited serious governance issues involving Dr Wu as a primary reason for a boardroom coup. With Dr Wu’s departure, Kwek Leng Beng emphasised the need to restore investor confidence and address governance breaches allegedly committed by the CEO and his team.
Under the CEO’s leadership, CDL has faced significant challenges, including a S$1.9b loss due to the Sincere Property debacle in FY2020 and a 94% profit decline in the first half of 2023 due to poor investment decisions in the UK property market. These issues have contributed to CDL’s share price underperforming compared to its peers since 2018.
Kwek Leng Beng stressed the importance of strengthening CDL’s corporate governance framework to align with shareholders’ long-term interests. He expressed confidence that focusing on CDL’s core businesses would restore investor confidence and enhance shareholder value over time.
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